Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1887-03-10
Communicated.

Deqr Sir II have before me an extra Is
sued by the Democrat of your town, and
knowing that you always desire to give cor
rect facts and deal fairly, | take the liberty
of LAYING the matter before you with the
hope that YOU will lot the good people OF
the county kl d. what the facts are,
and that there }, mo trick or trap"
would like TO remark that my experience
has been that the party who IS so much
afraid of traps generally one who Is using
them or would them if any opportunity
offered. In our county issued sou
GOO q per cen onds to the Shenandoah
Valley Railroad Co. at (25l twenty-five
years redeemabie after three. In 1881 an
act was passed by the Legislature OF the
State authorizing the county to refund at five
per ccntum bonds 10 run twenty-five years,
redeemable after three. The matter was
placed In the hands of an agent where II
rested until the Spring of 1886, he having
issued SIG. 900 OF the new per cent. bonds,
called in ike amount of 8 per cent. bonds.
The funding of these bonds having hung
for five wears, the matter came into the
hands of the present agent who has issued
500 500 and called in the outstanding
per cent. bonds to the amount of $l2OOOO,
as per his agreement, whereby the county
is saving 81, 2Oj pera At the time AMMAN
took the agency the County Court passed
an order that they would do all in their
mower to have am act passed at the next
Legislature 10 extend the time OF these
bonds to fifty years payable after twenty
five wears When the matter came before
the members for the county 1t was stated
that 10 was unconstitutional 10 have Dohds
run oyerthirty- four years and the act amend
ing was made TO read payable in thlrty-iour
redeemable after twenty years. Most oil
these bonds were sold with the understand
ing that they would be extended IN accord
ance with the order passed and not to do so
would be breach of faith on the part OF
the people Which would not reflect much
to their credit. and which would not help
the credit of the county with the outside
world. As to haste displayed there has
been none beyond that displayed by busl-
ness men who wish 10 cOnsummate mat
ter that has hung fire so long, and as
the interest falls due April lst, 1887, on all
of these bonds it was thought desirable TO
close the matter at that time, and the agent
could make final settlement at the May
term of the County Court. Now II the
county was TO be injured by extending these
bonds | would like very much to know
how. or if the holders of the Baker bonds
are injured in any way, would like 70 know
in what respect. When Mr.. AMMAN came to
the county the Baker bonds were below par,
and now since the whole loan has been re-
funded the bonds have gone to par ana
cannot be had. As Jefferson County has
ALWAYS paid her coupons and other claims
promptly. and intends doing so in future, l
cannot see where the distress" can come
i'm. or where they could get "tied up hand
and foot" rs has Old Virginia. The
County Court is composed of men shrewd
enough to handle the matter and to look
after what compensation Is to be paid Tor
refuuding these bonds, and have no doubt
will manage it as well in the future for the
interest of the county as it has in the past.
/ II would seem to me that with as fine a
| county AS Jefferson, it would be to the in
/ terest of all concerned TO make capital feel
secure. and DO all that could be done to get
1 il TO seek investment instead of agitating
measures calculated to drive oil people who
would like to lend money in the county
whereby all would be benefited. If the
court would pay of this debt or contem-
plated doing so then there might be some
/ Show of reason for this, but, am informed,
| that was not the intention, but rather the
idea is to pay the interest only. All that
has been done is a matter Of record at the
. Court House, and any one can convirce
themselves of the facts feel have tres
passed too much already on your patience
and will close, hoping you will see your
way to bring some of these facts before the
people. Yours respectfully
,..-.,,,.,, s.I,rrr, ppt,--